STX

STX

STX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 4, 2025	Artemis US Select Fund	10.1%	-6.2%	AAPL, ABBV, ALL, CEG, CHD, CMFY, FI, KO, MU, NVDA, PCG, STX, TDG, TMO, TXN, WFC, WMT	Data centers, nuclear, semiconductors, tariffs, technology, US	The fund is positioned in data center beneficiaries including Comfort Systems, Constellation Energy, Seagate, and Micron. Management cited strong demand persisting across tech/data centers with no current signs of slowdown in capital expenditure. Constellation announced a 20-year agreement with Meta to provide nuclear power for data centers.	NVDA CMG AAPL	View
2025 Q2	Jul 3, 2025	St. James Investment Company	-	-	AAPL, MSFT, NVDA, STX	AI, Capital markets, Investment Philosophy, risk management, Speculation, technology, value	The letter draws extensive parallels between the current AI boom and the Winchester disk drive bubble of the 1980s. The global AI semiconductor market is projected to grow from $56 billion in 2024 to $232 billion by 2034. Despite massive capital investments, there are still no definitive generative AI killer apps, and revenue from end customers remains minimal.		View
2025 Q2	Jul 22, 2025	Columbia Dividend Opportunity Fund	2.7%	-	ABBV, AMT, AVGO, BAC, C, CSCO, CVX, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM	AI, dividends, financials, healthcare, technology, value	The fund focuses on companies with historically consistent and increasing dividends, though dividend-paying stocks underperformed the broader market during the quarter. The manager believes undervalued dividend stocks continue to offer opportunities for individual security selection.	MCHP	View
2025 Q2	Jul 18, 2025	Pernas Research	19.3%	10.5%	AMD, APLD, CGEH, CSCO, GOOGL, NVDA, ORCL, RELY, STX, XMTR	AI, Data centers, growth, infrastructure, semiconductors, small caps, technology	AI-related names drove significant portfolio returns with APLD and CGEH posting triple-digit gains. The manager views the AI investment cycle as lasting at least 12-16 months, comparing it favorably to the fiber buildout era. Unlike fiber's debt-financed overbuild, AI spending is demand-linked with high data center utilization and contracted demand supporting continued capital deployment.		View
2026 Q1	Apr 28, 2026	Artemis US Select Fund	-6.1%	-6.1%	AMAT, AMZN, ATI, AVGO, BE, CEG, CFG, GEV, GOOGL, IQV, MSFT, PG, RKT, STX, TRGP, W	AI, Data centers, energy, healthcare, industrials, semiconductors, technology		TRGP AVGO ATI STX AMAT BE GEV RKT W IQV CEG	View
2026 Q1	Apr 25, 2026	Sands Capital Select Growth Fund	-12.9%	-12.9%	APP, CRS, CVNA, DDOG, IOT, LRCX, MSFT, NET, NFLX, PWR, SE, STX, TSM	AI, Cloud, disruption, growth, infrastructure, Internet, semiconductors, technology			View
2026 Q1	Apr 25, 2026	Sands Capital Technology Innovators Fund	-15.0%	-15.0%	000660 KS, 005930 KS, APP, ASML, DASH, META, MSFT, NET, NFLX, NU, NVDA, SHOP.TO, STX, TSM	AI, Cloud, growth, infrastructure, innovation, semiconductors, software, technology			View
2026 Q1	Apr 22, 2026	Columbia Dividend Opportunity Fund	5.2%	5.2%	APO, ARES, BG, BX, CVX, GLW, IBM, NTR, STX, T, VLO, VZ, XOM	dividends, energy, income, large cap, Quality, value			View
2026 Q1	Apr 20, 2026	Hosking Partners	3.2%	3.2%	000660 KS, 005930 KS, 1662.T, AXP, CCO.TO, COF, DHT, GLW, HAFN.OL, III.L, INSW, JEF, LRCX, MOH.AT, MPC, MU, NE, PSK.TO, PSX, STX, SYF, TDW, UBS, VLO, WISE.L	AI, Capital Cycle, diversification, energy, Geopolitical, semiconductors			View
2026 Q1	Mar 31, 2026	Fidelity Dividend Growth Fund	-0.1%	-0.1%	AAPL, GEV, GOOGL, OWL, STX, TSM, WDC	aerospace, AI, dividends, energy, large cap, technology, value			View
2024 Q4	Dec 31, 2024	ClearBridge Investments All Cap Growth	-	-	AMZN, AVGO, BIIB, CMCSA, CMG, ETSY, FCX, GOOGL, ICLR, ISRG, META, NFLX, NVDA, STX, TMO, TSLA, UBER, UNH, V, VRTX	AI, Biotechnology, growth, healthcare, large cap, momentum, technology	Nvidia continued to ride momentum as the key supplier of chips for AI applications, rising more than 170% in 2024. The team is targeting disruptors leveraging generative AI and rapidly taking market shares in the fastest-growing parts of the economy. Innovation is accelerating beyond technology-related businesses, including medical devices where Intuitive Surgical is making significant strides in providing feedback to surgeons using robotic instruments.	CMCSA BIIB CMG ICLR	View
2024 Q4	Dec 31, 2024	Peterson Investment Fund	8.8%	8.8%	BABA, BOX, BRK.B, CVX, EBAY, GOOG, HOG, JNJ, JWN, ORCL, OXY, STX, T, UNH	AI, China, dividends, long-term, Options, technology, value	Portfolio positioned at forefront of AI revolution with Alphabet and Alibaba driving breakthrough innovations. Advanced AI technologies transforming analysis through proprietary AlphaOne platform. AI Agents represent next evolution in automation, fundamentally reshaping industries.		View
2025 Q3	Oct 29, 2025	Pernas Research	31.7%	47.2%	AMD, APLD, CGEH, CSCO, GOOGL, NVDA, ORCL, RELY, STX, WCG, XMTR	AI, Data centers, growth, semiconductors, small caps, technology	AI-related names drove significant portfolio returns with APLD and CGEH posting triple-digit gains. The manager compares current AI investment cycle to fiber buildout, arguing AI has more durable CAPEX with demand-linked spending and high data center utilization. Expects AI investment cycle to last 12-16 months with low probability of collapse.	NVDA NVDA	View
2025 Q3	Oct 2, 2025	Night Watch Investment Management	4.2%	25.9%	5842.T, AIR, BKD, BX, DSGR, ENDV.L, GOGO, HAYP.ST, KKR, MRX.L, NE, STX, TDW, VAL, WDC, XFAB.DE	AI, catalysts, Europe, global, Japan, private equity, small caps, value	Night Watch manages a global value strategy focused on catalyst-driven opportunities with insider ownership and unique names. The fund seeks value companies with identifiable catalysts for rerating, including industry tailwinds or company-specific events. They aim to differentiate from typical value strategies through unique portfolio holdings with little overlap to wealth management portfolios.	5842 JP WDC US BKD US	View
2025 Q3	Oct 14, 2025	Columbia Dividend Opportunity Fund	6.1%	-	ABBV, AVGO, BAC, C, CSCO, CVX, DRI, GLW, GOOGL, GS, HPE, IBM, IVZ, JNJ, JPM, PAYX, PM, STX, UNP, XOM	AI, dividends, financials, healthcare, technology, value	Technology sector strength was propelled by positions in companies that have emerged as potential beneficiaries of AI over the past year, including Corning and Seagate Technology. AI's positive impact on earnings growth is being seen in the technology and utilities sectors.		View
2025 Q3	Oct 13, 2025	Greenalpha Investment	-	-	ACHR, ANET, AVGO, CRWD, LRCX, MU, NET, RBRK, STX, XPEV	AI, China, cybersecurity, Electric Vehicles, Energy Transition, infrastructure, semiconductors, technology	AI infrastructure buildout is creating massive power demands that are forcing the energy transition. Microsoft and Google have committed over $100 billion in combined data center capex through 2026. The fund is positioning ahead of the infrastructure bottleneck in grid-scale storage, power management semiconductors, and modular nuclear solutions.	XPEV RBRK AVGO NET XPEV RBRK AVGO NET	View
2025 Q3	Oct 1, 2025	Rigden Capital Strategies	-	-	AMD, AVGO, DAL, DECK, GS, HOOD, IT, JPM, LULU, MSTR, NVDA, PLTR, SMCI, SNOW, STX, TTD, UNH, WDC	AI, earnings, Fed policy, Market Rally, semiconductors, technology, Trade Policy, Valuations	AI euphoria continued to electrify markets, lifting tech stocks 15% on average with semiconductors up 25%. Hyperscalers' massive capex plans drove the theme, which permeated beyond hardware to firms like Palantir and Snowflake, contributing to 60% of the S&P's gains.		View
2025 Q4	Jan 9, 2026	Vision Capital	-5.0%	9.8%	000660.KS, 005930.KS, AMZN, GOOGL, MELI, META, MSFT, MU, NOW, NVDA, ORCL, PME.AX, SE, SPOT, STX, TSM, TTD, WDC, WISE.L, ZS	AI, Asia, Cloud, E-Commerce, growth, long-term, semiconductors, technology	Manager expresses skepticism about LLMs as a path to AGI, viewing them as sophisticated pattern recognition systems that mimic understanding without genuine comprehension. LLMs face architectural limitations including quadratic computational costs, memory inefficiency, and persistent hallucinations. The manager believes a fundamental breakthrough in architecture is needed beyond current transformer models. Sea Limited represents the manager's conviction play on Southeast Asia's digital transformation through its dominant Shopee platform with 52% market share. The company has achieved an inflection point with rising take-rates and improving profitability across its integrated ecosystem of e-commerce, logistics, and financial services. Manager avoided memory semiconductor investments despite strong 2025 performance, citing historical cyclicality and commoditization concerns. While acknowledging industry consolidation into an oligopoly, the manager questions sustainability of current supernormal profits and prefers exposure through TSMC and NVIDIA rather than memory-specific players. Manager declined Oracle investment despite strong cloud growth due to concentration risk from OpenAI and high leverage. Also avoided neoclouds like CoreWeave and Nebius, viewing them as commoditized GPU providers vulnerable to demand fluctuations and lacking durable competitive advantages versus hyperscalers.	SE	View
2025 Q4	Jan 22, 2026	Jensen Investment	0.0%	5.6%	AAPL, ACN, AMZN, APH, AVGO, BRK.B, CPRT, GOOGL, JPM, KLAC, LLY, META, MMC, MSFT, MU, NVDA, STX, TSLA, WDC, WM	AI, growth, large cap, Market Concentration, Quality, semiconductors, technology	The AI investment cycle is maturing with prominent beneficiaries beginning to meet quality criteria as earnings become more sustainable and competitive advantages emerge. The portfolio now includes foundational AI enablers like Nvidia, Amazon, Meta, and KLA Corporation as highly profitable, cash-generative businesses with dominant positions in computing and semiconductor ecosystems. Jensen maintains focus on businesses with durable cash generation, resilience, and consistent returns on equity rather than abandoning discipline for momentum-driven rallies. The strategy emphasizes companies capable of compounding economic value over full cycles with strong competitive advantages and financial strength. Semiconductor equipment companies like KLA Corporation benefit from growing investor recognition of pricing power and mission-critical roles in advanced chip manufacturing. The sector saw broadening beyond consensus AI winners to reward memory and storage beneficiaries like Western Digital, Seagate, and Micron. The ten largest S&P 500 weightings comprised 38.29% of the Index and accounted for 55.40% of total returns, creating headwinds for strategies underweight these mega-cap leaders. This concentration in AI-related companies has been a defining feature since late 2022.	AVGO SYK WM CPRT MMC ACN LLY APH KLAC	View
2025 Q4	Jan 20, 2026	Pernas Research	4.8%	54.3%	ADBE, APLD, CARD.L, CELH, META, NKE, PSFE, SEMR, STX	AI, defense, Mean reversion, small caps, technology, value	AI represents a consequential technological shift reshaping business and consumer behaviors. The AI-driven capex cycle is expected to persist over the next 12-16 months. The manager sees a barbell opportunity in owning clear AI winners alongside companies mislabeled as AI losers. Smaller-cap companies offer outsized opportunity due to their ability to pivot quickly in a period of rapidly increasing dynamism. Over the past two years, multi-baggers among smaller-cap names have been roughly double the 20-year average due to their organizational flexibility. The definition of defense is expanding beyond traditional military applications. Robotics, AI, cybersecurity, and data infrastructure are now central components of national security as the peace dividend and security provided by Pax Americana are eroding.		View
2025 Q4	Jan 19, 2026	Hosking Partners	7.2%	33.5%	000660.KS, 005930.KS, 055550.KS, AA, AAPL, BARC.L, C, FCX, HCC, IMPUY, MSFT, MU, SBSW, STX, SYF, TIGO	AI, contrarian, emerging markets, Japan, Mining, Platinum, technology, value	The strategy maintains a contrarian value approach, betting on mean reversion after a decade of growth dominance. Valuation spreads have reached extreme levels with enterprise value to sales ratios spanning 100-fold, creating opportunities in undervalued sectors. The AI capital paradox is creating opportunities as technology leaders face increasing capital intensity. McKinsey estimates $5.2 trillion in physical asset investments by previously asset-light firms, likely compressing returns on assets and valuations. South African platinum group metals were major contributors with Impala Platinum up 243%, Sibanye Stillwater up 360%, and Northam Platinum up 298%. The metals and mining sector weighting of 12% versus 2% index exposure drove significant outperformance. The strategy maintains triple-weight exposure to Japan at 14% versus 5% index weight, betting on corporate restructuring and activist investor pressure. Over 50 holdings target companies with depressed ROA ratios capable of dramatic improvement.		View
2025 Q4	Jan 15, 2026	M&G Investment	0.0%	0.0%	000660.KS, 005930.KS, 0700.HK, 2308.TW, 2317.TW, BABA, BE, EXPN.L, GOOGL, LITE, LSEG.L, NVDA, REL.L, STX, TSM, WDC	AI, geopolitics, Polarisation, Quality, semiconductors, technology, value	AI remains a dominant theme with opportunities broadening beyond enablers to beneficiaries and providers. The team expects AI-related investment opportunities to encompass an increasing number of companies that stand to benefit from capital-fuelled AI advancements, while being selective about frothy valuations. Quality stocks suffered their worst relative decline in developed markets in more than two decades in 2025. The team is taking advantage of the market shunning quality stocks, finding opportunities in companies with high return on capital and good long-term defensive characteristics that have been unfairly de-rated. US Growth versus Value shows the widest valuation gap in decades, while Value has performed better in other regional markets, notably Europe and the UK. The team sees opportunities for Value catch-up as AI moves from builders to users across traditional sectors. Semiconductor cycle remains strong with companies like SK Hynix and Samsung Electronics delivering substantial earnings upgrades. However, there are risks that higher prices could lead to demand destruction as customers baulk at paying elevated prices for electronics.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 12, 2026	Fund Letters	Artemis US Select Fund	Seagate Technology	Computer Hardware	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	Cloud computing, data centers, data storage, Hard Drives, Memory, technology hardware	View Pitch
May 1, 2026	Seeking Alpha	Seeking Alpha	Seagate Technology Holdings plc	Technology	Data Storage Devices	Bull	NASDAQ Stock Market	analyst upgrades, data centers, data storage, debt reduction, Free Cash Flow, Hdd, Pricing power, Revenue Growth, Seagate Technology, supply-demand dynamics	View Pitch
Apr 30, 2026	Seeking Alpha	Seeking Alpha	Seagate Technology Holdings plc	Technology	Data Storage Devices	Bear	NASDAQ Stock Market	capital expenditures, cyclical industry, data center demand, earnings multiple, high valuation, hyperscale data centers, investment alternatives, memory/storage chips, Revenue Growth, Seagate Technology	View Pitch
Oct 23, 2025	Value Investors Club	kerrcap	Seagate Technology Holdings	Information Technology	Datacenter	Bull	NASDAQ	AI, data center, hyperscalers	View Pitch
Aug 13, 2025	Seeking Alpha	Moretus Research	Seagate Technology Holdings plc	Information Technology	Computer Hardware	Bull	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	The Alpha Analyst	Seagate Technology Holdings	Information Technology	Computer Hardware	Bull	NASDAQ	—	View Pitch

BSD Shareholders of STX

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
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